Changshi Capital Closes $1.275B Fund: Hard Tech Investing Enters the 'LP Re-investment' Era, Ecosystem Synergy is the Moat

The most valuable insight from this article is that Changshi Capital's third fund raising beyond its target wasn't accidental. It reveals structural changes happening in hard-tech investment—shifting from "casting a wide net" to "deep cultivation," and from "chasing IRR" to "building an industrial ecosystem." When LP re-investment rates become the core metric for measuring GP capability, the industry reshuffle has already quietly completed.